Friday, November 11, 2011

TAXES AHOY



What Gummint Do


Filthy Democrats

In a recent tax planning meeting with one of our clients, we shocked them with what their income tax future looked like for 2013 if -- on the off-chance -- Congress continues to do nothing to provide a long-term permanent set of tax laws. [Full]


They had no idea what tax breaks were expiring this year and next year, and how much it would cost them personally in extra income tax. But they aren't alone, many Americans and even tax professionals aren't aware that their tax bill could rise dramatically next year. [...]

Major Individual Income Tax Benefits Expiring 12/31/2011:

• Personal tax credits applied against income tax no longer apply

• Higher alternative minimum tax exemptions revert back to extraordinarily-low thresholds

• $250 school teacher expense deduction ends

• Mortgage insurance premium deduction expires

• State and local sales tax deductions expire

• Tuition and related fees deduction end

• IRA to charity tax-free transfers stop

• 2% Social Security tax reduction ends

Major Individual Income Tax Benefits Expiring 12/31/2012:

• Marriage penalty equalization ends

• Dividends taxed at capital gains rates removed, taxed at regular rates now

• Capital gains low tax rates expires

• Removal of itemized deduction phase out for higher income Americans

• Removal of personal exemption phase out for higher income Americans

• Child care deduction limit of $3,000 reverts to $2,400

• Child credit reduces from $1,000 per child to $500 per child

• Low 10% tax bracket for low income Americans is eliminated

• Lower income tax rates and smaller brackets expires

• Refundable adoption credit and reduced deduction

• American Opportunity college education credit expires

• Major reduction in earned income credits and refunds

• Income tax exemption for debt forgiven on home foreclosures and repossessions

• Deduction for student loan interest ends

• Education IRA limit drops from $2,000 to $500

In summary, because of tax laws expiring this year and next, we estimate that the Smiths will owe $3,598 more in income tax in 2013 than in 2011 with no change in their income.


All of this says nothing about the massive Obamacare and other new taxes in the pipline.  Do you think this gummint is afraid of us?  Doesn't appear so.


18 comments:

Juice said...

Especially pertinent to us at this time, no matter how much it frustrates one to read. May '09 we began this RV full-time, but for the past 6wks we've been home shopping here in SW CO, Bayfield, to be exact. I know. TEXAS. We are legal citizens, but it's too damn hot there in summer. Rather live with snow than insufferable heat, and yes we know snow. Previously lived in Lake Tahoe for eight years, also Reno, also Susanville, CA and hubby is from Long Island.

In addition to taking on CO state tax (not so w/TX) we now read state tax not a Fed write-off? An entire list of deductions halved and or removed altogether?
Jeezus, no wonder I'm always so.....tired?

But. Add this to ALL the operating outside of Executive Branch limits, rat bastid Libs shutting out opposition party to their "law passing" parties, thugs at polling places, votes lost or stolen, military votes ignored and disqualified, illegal voter(s) counted in multiples. Just to name a few across the top recognizable.

If we wait for Rush to let us know when it's time to leave, only Rush's income level will be able to get away. And shite anyways, where else to go?

Juice said...

P.S. just so phking pissed off that no one stands up to this shit. only talktalktalktalktalktalktalktalk

Anonymous said...

Susanville? You call that living?

Casca

Skoonj said...

There is a book about being an expat which can help with decisions on where, or if, you should go. Getting Out, Your Guide to Leaving America, by Mark Ehrman. It covers all issues related to living in other countries, citizenship, getting work, and so on. Specific countries are presented. One issue is whether you have pets, and some countries have draconian pet quarantines. There are many other topics, of course. I have the 2006 edition, but there has probably been an update since then.

Anonymous said...

One problem is that even if you move to, say, Mexico, the US govt still wants a slice of your taxes; you pay on more than $90,000 and may have to pay on other things, too. This is unique among nations.

The only lawful way out is to jump through the hoops of the country, take citizenship, pay ALL of your American taxes and fees, get a note saying you have done so, and then go to the US embassy in your new country, and formally renounce your US citizenship in front of the ambassador or other deputized official.

But a lot of people down here are just not paying at all, or even filing.

Anonymous said...

This is why the POTUS election is dang near irrelevant.

Concentration on electing non-Zombies in the LOCAL, CONGRESS AND SENATE elections.

IF you can even find one...

e~C

Skoonj said...

I have Irish citizenship as well as US. I am retired, and if it were not for my daughter, still in high school, and my dog, I could have left already.

Ireland is a socialist country, but the most annoying aspects of the US government do not apply there.

I have an expat friend in Chapala, Mexico, who finds it just great.

Oh, and I would have absolutely no problem renouncing my US citizenship.

I have found out that the book Getting Out has a 2011 edition. Softcover, not expensive at all.

I-RIGHT-I said...

I wish all of you ex-pat wannabe's and duel citizenship sheep herders the best of luck, bon voyage and what's taking you so long? If you're not in it for the long haul you best leave now because you'll be no good in a fight anyway.

There is no place else people, only shit holes and the shit heels that live there. America is the last stop. Kick a hippie’s ass today and piss in your liberal co-workers coffee cup. It's not much but it would prove you're still breathing through your nose.

Juice said...

Casca~~ my sentiments exactly. We lasted 14 mos there.

Juice said...

I-RIGHT-I,
Been awhile but have traveled 12 Western European countries and landing back on US soil was A#1.
What I detest is the current path our "leaders" have us on. How long 'til this wonderful country is no longer land of the free, and our Constitution is the stuff of fairy tales? Might consider living somewhere my heart will feel less grieving is my point.

Juice said...

Skoonj~ I'll actually look that book up at Amazon. Thanks

Juice said...

Also, I am not, in any way, about to go to another country's government and renounce my US citizenship. I ain't that crazy just yet. ;)

Anonymous said...

I prefer to kick the fricken hippies out of MY country.
RAK

Skoonj said...

Silly RAK! The hippies OWN this country.

Anonymous said...

Well, if you're anything like me and RAK, you're waiting around for the hangings to start.

Casca

Anonymous said...

Many people believe that the tipping point is when we have more people on the dole than taxpayers paying for it.
I believe the tipping point will be when a substantial number of well-armed citizens feel like they have nothing left to lose.

Anonymous said...

Good luck finding any country that will let you bring in your more exotic bangsticks... most won't even let you bring in a shotgun or .22.

Chris said...

Me and my ancestors have invested too much blood in this great land to just quit and let a bunch of spoiled overgrown children have their way. I might be going underground, but they aren't going to make me leave.

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